RSS
Israel’s Vital Tech Sector to Gain From Return of Army Reservists
Employees of StoreDot, an Israeli company that has developed extreme fast charging electric vehicle batteries, work in a laboratory in Herzliya, Israel, Oct. 2, 2023. Photo: REUTERS/Amir Cohen
Israel‘s wartime economy will get a much-awaited boost as the military gradually releases reservists fighting in the Gaza Strip so they can return to their jobs and jump-start softening growth.
Since the Oct. 7 attacks by the Palestinian terrorist group Hamas, more than 300,000 Israelis were drafted to reserve duty — many coming from the globally-important high-tech sector — leading to labor shortages and a gloomy national mood that hurt consumer spending and is expected to dent economic growth.
After nearly three months of intense air bombardment and a massive ground incursion, Israeli leaders have hinted that the war is entering a new phase, with a shift towards more targeted operations aimed at eliminating the Islamist group that rules Gaza and rescuing Israeli hostages.
The military accordingly is adjusting deployment plans for its forces in Gaza and other hot spots, first and foremost by starting to send reservists home — at least for a while.
It declined to share specifics about its number of forces, but said the move will “significantly alleviate economic burdens and enable them to gather strength for upcoming activities in the next year, as the fighting will persist, and their services will still be needed.”
Prior to the war, Israel was headed for solid economic growth of 3.4 percent in 2023 and 3 percent in 2024, according to the central bank. Now, the economy is headed for a fourth-quarter contraction and the Bank of Israel sees 2 percent growth this year and next, or zero growth per capita given Israel‘s fast-growing population.
Erel Margalit, who heads one of Israel‘s most active venture capital firms, Jerusalem Venture Partners (JVP), said the military made a calculated decision.
“They understand you need to go release people to go back to work because going back to work makes Israel stronger,” Margalit said. “Israel is not only strong militarily.”
START-UPS
With inflation easing, the Bank of Israel cut short-term borrowing rates by 25 basis points to 4.5 percent on Monday, its first reduction in nearly four years. The central bank’s policy makers are keeping an eye on the military’s strategy.
The release of reservists will benefit consumer spending, said deputy central bank chief Andrew Abir, which accounts for more than 50 percent of total economic activity.
“People were called up with no warning. In the first month, there was a real mess, because they were in the middle of projects,” Abir told Reuters, referring mainly to high-tech firms.
Spouses who may have been caring for their families alone since October will also be able to return fully to their employment, he said. This is good news for the high-tech sector, which accounts for 12 percent of employment, more than half of Israel‘s exports, 25 percent of income taxes, and nearly a fifth of its overall economic output.
Other signs of economic recovery in real-time data are emerging. Credit card purchases have returned to pre-war levels, Abir said, in “a sign the economy is functioning again.”
Foreign investment, while it has slowed, has not dried up. Startups raised $1.5 billion in the final three months of 2023 in 75 deals, according to data published last week. In 2023, funding fell to $7 billion from $16 billion in 2022.
Geopolitical risks may be off-putting, but they also offer a bigger potential upside, said JVP’s Margalit.
“There are some very good deals to be had,” he said.
Larger, well-funded tech firms have mostly weathered the war, and some have even thrived. Smaller companies, especially those that were hoping to close early financing rounds when the war broke out, have had a harder time.
In some cases, Margalit said, JVP and partner investors have had to inject more funds into these firms in order to “extend the runway.”
STATE SUPPORT
Pini Yakuel, CEO of marketing data firm Optimove, said they saw strong growth in the fourth-quarter despite having 41 of 240 workers in Tel Aviv drafted for reserve duty.
“We’ve adapted. It’s a new reality,” he said. “We just kind of, like, pressed on. Focused on what’s most important. Some things were paused, some things were delayed, but you continue to execute.”
His company put non-critical projects on hold and relied on offices abroad to help cover the load. And things will get easier as the absent employees slowly return.
“I notice in the office: ‘Oh hey, you’re back.’ ‘Yeah, I’m back.’ ‘Is it for good?’ ‘No, for the next month. Then they’re gonna tell us if we need to go back [to the reserves] or not’.”
The government took steps to protect the sector. State-funded Israel Innovation Authority set up a $100 million fund to help early stage startups.
In its recent survey, half of young companies only had sufficient funding for six months, said Dror Bin, the authority’s CEO. His fund has invested about $41 million so far.
“We all got our act together,” Bin said. “CEOs and employees realized that if they want to sustain the company’s success and their jobs they needed to refocus themselves on work.
“Despite all the empathy we get from the tech industry globally, at the end of the day when customers abroad need to get deliveries they can’t say that they didn’t get the deliveries because of the war in Israel,” he said.
($1 = 3.6437 shekels)
The post Israel’s Vital Tech Sector to Gain From Return of Army Reservists first appeared on Algemeiner.com.
RSS
US Senators Urge Secretary of Homeland Security to Secure Northern Border From Gaza Refugees
US Sen. Ted Cruz (R-TX) speaking at a press conference about the United States restricting weapons for Israel, at the US Capitol, Washington, DC. Photo: Michael Brochstein/Sipa USA via Reuters Connect
Six US senators sent a letter to US Secretary of Homeland Security Alejandro Mayorkas this week requesting that he increase security measures along the northern border in response to Canada accepting an influx of refugees from Gaza, the Palestinian enclave ruled by the terrorist group Hamas.
The six Republican lawmakers — Sens. Marco Rubio (FL), Ted Cruz (TX), Joni Ernst (IA), Tom Cotton (AK), Mike Braun (IN), and Josh Hawley (MO) — said they were “deeply concerned” that refugees from Gaza could sneak into the United States. The senators warned that allowing unvetted Palestinian refugees to cross the border poses a serious national security threat.
“On May 27, 2024, the Government of Canada announced its intent to increase the number of Gazans who will be allowed into their country under temporary special measures,” the senators wrote. “We are deeply concerned and request heightened scrutiny by the US Department of Homeland Security should any of them attempt to enter the United States at ports of entry as well as between ports of entry.”
After arriving in Canada, the Palestinian refugees will be given a “Refugee Travel Document,” which serves as a valid form of identification, the letter claimed, adding that US Citizenship and Immigration Services recognizes these documents as a valid substitute for a passport. The senators warned that “individuals with ties to terrorist groups” could potentially enter into the United States.
The letter argued that the US should maintain “common-sense terrorist screening and vetting” for any individual attempting to enter its borders from a foreign country. The lawmakers lamented that the Biden administration’s “”ax border enforcement” has rendered the country vulnerable to potential terrorist attacks. From April 1, 2023 to March 31, 2024, the US Customs and Border Protection’s Office of Field Operations intercepted over 233 suspected terrorists at the northern border, according to the letter.
“[T]he possibility of terrorists crossing the US-Canada border is deeply concerning given the deep penetration of Gazan society by Hamas,” the senators wrote. “It would be irresponsible for the US to not take necessary heightened precautions when foreigners attempt to enter the United States.”
On Oct. 7, Hamas launched the ongoing war in Gaza with its Oct. 7 invasion of and massacre of 1,200 people across southern Israel. The Palestinian terrorist group also kidnapped over 250 hostages.
In response, Israel launched defensive military operations in Gaza with the aim of freeing the hostages and permanently dislodging Hamas from the neighboring enclave.
The vast majority of Palestinians in Gaza, as well as the West Bank, still support Hamas’ Oct. 7 massacre across southern Israel that started the ongoing war, and they would prefer a “day after” scenario in which Hamas remains in control of Gaza rather than the Palestinian Authority, which governs in the West Bank, or other Arab countries, according to recent Palestinian polling. The same polling found that, when asked about support for Palestinian political parties and movements, a plurality chose Hamas.
US lawmakers are split along party lines as to whether the United States should accept refugees from Gaza. Republicans are largely opposed to importing refugees from Gaza, arguing that individuals from the war-torn enclave present “a national security risk” to the United States.” In May, Ernst and Sen. Mitch McConnell (R-KY) sent US President Joe Biden a letter, urging him not to accept any refugees from Gaza.
In June, however, a group of 70 Democratic lawmakers sent Mayorkas a letter, requesting he create “pathways” for more refugees of the Israel-Hamas war to resettle in America.
The post US Senators Urge Secretary of Homeland Security to Secure Northern Border From Gaza Refugees first appeared on Algemeiner.com.
RSS
Video of Masked Man Vowing ‘Rivers of Blood’ at Paris Olympics Over Israel Support Appears to Be Fake, of Russia Origin
Screenshot of a widely circulated video published on social media showing a masked man vowing that “rivers of blood will flow” at the 2024 Paris Olympics due to France’s support for Israel. According to reports, the video appears to be fake and of Russian origin.
A widely circulated video published on social media this week showing a masked man vowing that “rivers of blood will flow” at the 2024 Paris Olympics due to France’s support for Israel appears to be fake and of Russian origin, according to reports.
The video — published on Tuesday on social media networks including X/Twitter and Telegram — featured a keffiyeh-clad man with his face covered, delivering an Arabic-language address threatening France with violence due to the country’s alleged support for Israel amid its ongoing war with Hamas in Gaza.
Addressing “the people of France” and “French President [Emmanuel] Macron,” the masked individual said, “You supported the Zionist regime in its criminal war against the people of Palestine. You provided Zionists with weapons; you helped murder our brothers and sisters, our children.”
“You invited the Zionists to the Olympic games. You will pay for what you have done!” continued the man, who wore a shirt adorned with a Palestinian flag. “Rivers of blood will flow through the streets of Paris. This day is approaching, God willing. Allah is the greatest.”
The video, published on X/Twitter by the account @endzionism24 and retweeted by Palestinian activist Ihab Hassan, ended with the speaker holding a prop severed head complete with fake blood up for the camera.
He is not a Palestinian:
A video clip has surfaced showing an individual wearing a keffiyeh and a Palestinian flag badge, threatening France with a “river of blood” at the Olympic Games.
It is glaringly obvious to any Arabic speaker that this person is not Arab; his dialect… pic.twitter.com/rwWGkkbiAi
— Ihab Hassan (@IhabHassane) July 23, 2024
Hassan and other social media users immediately noted that the man speaking was clearly not a native Arabic speaker, citing his reasonably fluent but awkward and occasionally incorrect pronunciation.
Many social media users aware of the mispronunciations seemed to blame Israel for the video, implying the clip was a false flag meant to fearmonger and demonize Palestinians and Muslims. They did not address the fact that Israel has access to hundreds of thousands of native Palestinian Arabic speakers who would sound far more convincing than the man in the video.
On Wednesday, French Interior Minister Gerald Darmanin said that “French secret services and their partners have not been able to authenticate the veracity of this video.”
According to researchers at Microsoft, however, the video appears to be part of a Russian-linked disinformation campaign meant to disrupt the Olympics, which began with the opening ceremony on Friday.
The researchers from Microsoft’s Threat Analysis Center told NBC News that the clip appears to have come from a Russian disinformation group known as Storm-1516, an outgrowth of Russia’s Internet Research Agency.
The latest clip was linked to a similar disinformation video falsely alleging that Ukraine had sent arms to Hamas — a claim for which there is no evidence. According to the researchers, the more recent video appears to be part of a Russian scare campaign meant to disrupt the Olympics.
The video came just days before France’s rail infrastructure was hit on Friday, ahead of the start of the Olympics, with widespread acts of vandalism including arson attacks, paralyzing travel to Paris from the rest of France and Europe just hours before the opening ceremony of the Olympics. French authorities described the acts as “criminal” and “malicious.”
Israeli Foreign Minister Israel Katz said that the sabotage of France’s high-speed rail network was directed by Iran, which Western intelligence agencies have for years labeled as the world’s foremost state sponsor of terrorism.
“The sabotage of railway infrastructure across France ahead of the Olympics was planned and executed under the influence of Iran’s axis of evil and radical Islam,” Katz wrote on X/Twitter. “As I warned my French counterpart [Stéphane Séjourné] this week, based on information held by Israel, Iranians are planning terrorist attacks against the Israeli delegation and all Olympic participants. Increased preventive measures must be taken to thwart their plot. The free world must stop Iran now — before it’s too late.”
Katz was referring to a letter he sent on Thursday to Séjourné raising alarm bells about what he described as a plan by Iran to attack Israel’s Olympic delegation.
Darmanin and French National Police both announced previously that they are taking increased security measures to ensure the safety of Israel’s Olympic delegation while they are in Paris amid mounting threats. These measures include providing them with round the clock security from French police. The Israeli delegation will also receive additional security details from Israel’s Shin Bet security agency during the Olympics.
The post Video of Masked Man Vowing ‘Rivers of Blood’ at Paris Olympics Over Israel Support Appears to Be Fake, of Russia Origin first appeared on Algemeiner.com.
RSS
Top St. Louis Newspaper Endorses US Rep. Cori Bush’s Opponent, Argues Incumbent’s Israel Stance Is ‘Disqualifying’
US Rep. Cori Bush (D-MO) raises her fist as US Rep. Rashida Tlaib (D-MI) addresses a pro-Hamas demonstration in Washington, DC. Photo: Reuters/Allison Bailey
The editorial board of The St. Louis Post-Dispatch, the largest daily newspaper in Missouri, has endorsed the opponent of US Rep. Cori Bush (D-MO), pointing to the incumbent congresswoman’s lack of legislative accomplishments and stance on the Israel-Hamas war.
The Post-Dispatch argued that Bush’s position on Israel and the Gaza war should be “disqualifying” for any elected representative. The outlet took umbrage with Bush for equating a close democratic ally of the US with a genocidal terrorist organization.
“Israel’s conduct of the war has been far from perfect, but it remains a democracy fighting for survival against an evil terrorist organization. Bush’s tendency to equate both sides — and even to side with the terrorists, as when she cast one of just two House votes against a resolution to bar Hamas members from the US — should in itself be disqualifying for re-election,” the editorial board wrote.
Bush has established herself as one of the most vocal critics of Israel in the US Congress. Only nine days after Hamas’ Oct. 7 slaughter of roughly 1,200 people in southern Israel, Bush called for an “immediate ceasefire” between Israel and the Palestinian terrorist group. As the war dragged on, Bush’s rhetoric toward Israel sharpened, with the congresswoman accusing the Jewish state of committing “genocide” in Gaza and “apartheid” in the West Bank. Bush has also accused Israel of inflicting a “famine” in Gaza without providing evidence.
Bush seems more interested in pandering to the far-left fringes of the progressive movement than serving her constituents, the Post-Dispatch argued. Bush’s membership in “The Squad” — a clique of far-left progressive, anti-establishment lawmakers in the House of Representatives — has rendered her completely incapable of “accomplishing anything” in the halls of Congress, according to the newspaper.
The editorial board urged its readers to vote for Wesley Bell, pointing to his moderated approach to the Israeli-Palestinian conflict as an example of his pragmatism and moral clarity.
“On Israel, Bell offers an appropriately measured stance, acknowledging the need to protect Gazan civilians and work toward a two-state solution, while supporting America’s closest ally in the Middle East,” the outlet wrote.
In contrast to Bush, Bell has expressed more sympathy to Israel’s military operations in Gaza, emphatically rejecting the notion that Israel’s actions in Gaza constitute “genocide” or “ethnic cleansing.”
Moreover, Bell has strengthened his ties with the Jewish community over the course of his campaign. The American Israel Public Affairs Committee (AIPAC), the foremost pro-Israel lobbying group in the US, donated a reported $5 million to Bell’s campaign through its United Democracy Project super PAC. A group of 30 St. Louis-area rabbis penned a letter endorsing Bell, accusing Bush of a “lack of decency, disregard for history, and for intentionally fueling antisemitism and hatred.” Bell also brought about an official “director of Jewish outreach” to increase turnout among the Jewish community.
A poll commissioned by McLaughlin & Associates and sponsored by the CCA Action Fund, a pro-Bell super PAC, showed Bell with a commanding 56 percent to 33 percent lead over Bush.
Supporters of Israel see the primary race as a prime opportunity to oust another opponent of the Jewish state from the halls of Congress. Rep. Jamaal Bowman (D-NY), a progressive lawmaker, lost his primary race to a pro-Israel challenger on June 25. Over the course of his reelection campaign, Bowman accused Israel of committing “genocide” and enacting “apartheid” against Palestinians. Bowman’s comments incensed Jewish constituents in the leafy suburbs of Westchester County, New York.
Furthermore, observers are looking to the race as a potential indicator of the Democratic electorate’s position on Israel. Opinions of the Jewish state among Democrats have soured in the months following Oct. 7, calling into question whether anti-Israel views are still a liability with American liberals.
The post Top St. Louis Newspaper Endorses US Rep. Cori Bush’s Opponent, Argues Incumbent’s Israel Stance Is ‘Disqualifying’ first appeared on Algemeiner.com.
You must be logged in to post a comment Login